By Joshua Kirby
Retail sales fell more sharply than expected in the U.K. in December, offering little succor to a listless economy at the end of the year.
Total trade volumes were 3.2% lower than a month earlier, according to figures published Friday by the Office for National Statistics.
This was worse than the slight dip expected, according to a Wall Street Journal poll of economists. It reverses rising sales in November, boosted by Black Friday promotions as well as lower inflation. Retailers reported that many shoppers stocked up on Christmas food and gifts in November, weighing on December’s spending.
For the quarter as a whole, retail sales were 0.9% lower than the previous three months, and will have a negative contribution to wider economic growth over the period, the ONS said.
Write to Joshua Kirby at [email protected]; @joshualeokirby
